The market trend of wealthy / affluent individuals departing South Africa, through financial emigration or opting to either invest offshore has become increasingly common. This usually takes planning, and structuring of affairs and asset management, which is done by means of an emigration roadmap, prepped well in advance, to be used on a rainy day.
SARS has started to make good on its promise in the 2020 Budget Review by enhancing their verification and audit processes to accurately review the compliance and tax statuses of South Africans abroad.
Given the number of fraudsters and chance-takers in today’s market, hesitancy on the part of the South African Revenue Service (“SARS”) is present and well-understood. Rather than simply handing out refunds to every VAT claimant without careful scrutiny, the SARS official appointed to the matter is obligated to correctly apply the law, even though it […]
With inflation levels at their highest since 2009, coupled with rising interest rates in South Africa, cash strapped consumers are scrambling to find means to curb their debt woes.
Lifestyle audits were initiated by SARS back in 2007, however actual action earnestly began only a few years ago with the arrival of SARS Commissioner Edward Kieswetter. These audits are conducted when SARS suspects that the taxpayer is not declaring all his or her income and thus is underpaying the factual tax due.
Anyone who acquires citizenship in another country will automatically lose their South African citizenship. This includes all rights and privileges associated with being a South African citizen, including losing your right to a South African passport, one’s right to vote, etc.
As emigration by skilled South Africans rises, experts in the auditing and insurance sectors have warned this will weaken the country’s skills base and reduce the pool of wealthy individuals, whose spending on goods and services support many businesses.
Verklaar die bates ten volle, of SAID kan groot boetes hef.
As if the distress of losing a loved one was not enough, the process of winding up their estate immediately following their death can prove overwhelming to a grieving family. But if they cannot promptly produce the legally required information, that critical source of funds may remain frozen much longer than necessary.
Expatriate taxpayers awaiting approval of their non-resident status may be surprised to discover that SARS can track their flights into and out of South Africa.